Abraham Fortress Fund Daily Performance

NAV
Change $
Daily Return
$
10.21
$
0.08
0.79
%
Class I
Ticker
FORTX
CUSIP
46141T 166
Minimum Investment
$
10,000
Additional Investment
No minimum
Launch Date
October 14, 2021
Net of fees. Unit price as of close of 12/7/2021, posted 12/7/2021 at 5:00:00 PM.

Class I Shares (FORTX) are purchased through an investment platform where you already have a brokerage account, like Schwab or Fidelity. Class K Shares (FORKX) are purchased directly from Abraham Trading.

Please read the full prospectus here for detailed information about the fund and its risks.  

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
NAV
Change $
Daily Return
$
10.21
$
0.08
0.79
%
Class K
Ticker
FORKX
CUSIP
46141T 158
Minimum Investment
$
25,000
Additional Investment
No minimum
Launch Date
October 14, 2021
Net of fees. Unit price as of close of 12/7/2021, posted 12/7/2021 at 5:00:00 PM.

Class I Shares (FORTX) are purchased through an investment platform where you already have a brokerage account, like Schwab or Fidelity. Class K Shares (FORKX) are purchased directly from Abraham Trading.

Please read the full prospectus here for detailed information about the fund and its risks.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
The Abraham Fortress Fund is a diversified mutual fund with a portfolio of stocks, bonds, and diversifying strategies. The Fortress Fund seeks to protect capital and achieve long-term capital appreciation.

Abraham Trading Company generally attempts for the Fund to have a balanced portfolio that allocates investments among various asset classes in order to protect and grow fund capital. Generally, the fund attempts to invest in a combination of:

Stocks

40-60% in equities comprised of US stocks, and/or outside of the United States, and derivative instruments such as futures, options or swaps on equity securities or equity indices;

Bonds

10-30% in US government fixed income securities, other sovereign bonds, and any investment grade bonds

Diversifying Strategies

10-30% in a diversified portfolio of trading strategies/programs managed by one or more trading advisors including the Advisor, plus a 0-10% long gold exposure through commodity linked derivatives and/or exchange-traded funds (“ETFs”)

Shareholder Fees (paid directly from your investment)

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Please review the fund prospectus here for more information.

Class I
Class K
Maximum Sales Charge (Load) Imposed
on Purchases (as a percentage of offering
price)
None
None
Maximum Deferred Sales Charge (Load)
None
None
Redemption Fee
None
None
Wire Fee
$20
$20
Overnight Check Delivery Fee
$25
$25
Retirement account fees (annual
maintenance fee)
$15
$15
Class I
Maximum Sales Charge (Load) Imposed
on Purchases (as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
None
Redemption Fee
None
Wire Fee
$20
Overnight Check Delivery Fee
$25
Retirement account fees (annual
maintenance fee)
$15
Class K
Maximum Sales Charge (Load) Imposed
on Purchases (as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
None
Redemption Fee
None
Wire Fee
$20
Overnight Check Delivery Fee
$25
Retirement account fees (annual
maintenance fee)
$15
Annual Fund Operating Expenses Fees

These are expenses that you pay each year as a percentage of the value of your investment.

Class I
Class K
Management Fees
0.50%
0.50%
Distribution and/or Service (12b-1) Fees
None
None
Other Expenses ¹
0.34%
0.24%
Total Annual Fund Operating Expenses
0.84%
0.74%
Total Annual Fund Operating Expenses
after waiving fees and/or reimbursing
expenses ²
0.75%
0.65%
Class I
Management Fees
None
Distribution and/or Service (12b-1) Fees
None
Other Expenses ¹
None
Wire Fee
None
Total Annual Fund Operating Expenses after waiving fees and/or reimbursing expenses ²
$25
Class I
Management Fees
None
Distribution and/or Service (12b-1) Fees
None
Other Expenses ¹
None
Wire Fee
None
Total Annual Fund Operating Expenses after waiving fees and/or reimbursing expenses ²
$25
¹ "Other expenses” have been estimated for the current fiscal year. Actual expenses may differ from estimates. “Other Expenses” include expenses of the Fund’s Subsidiary (defined below). The Advisor receives no compensation for the services it provides to the Subsidiary. “Other expenses” does not include direct costs or indirect costs associated with any over-the-counter derivatives that provide the Fund, with exposure to the Diversifying Strategy (defined below), either directly or through the Subsidiary, which is the primary manner in which the Fund intends to gain exposure to the Fund’s Diversifying Strategy. The Diversifying Strategy is defined as 10-30% in a diversified portfolio of trading strategies/programs management by one or more trading advisors, including the Advisor through investments in securities or derivatives (such as futures, swaps or options) either directly or indirectly through Abraham Fortress Fund Ltd., a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Also as part of the Diversifying Strategies, the Fund through the Subsidiary will generally have a 0-10% long gold exposure through commodity linked derivatives and/or exchange-traded funds (“ETFs”). Costs associated with such derivative instruments include any fee paid to the Fund’s counterparty and the fees and expenses associated with the trading programs in the Diversifying Strategy. Such costs, which are not reflected in the Annual Fund Operating Expenses table, are deducted from the return of any such derivative instruments and, therefore, represent an indirect cost of investing in the Fund. Investors should note that the cost of any investment in a derivative instrument such as a total return swap may fluctuate from time to time. In addition to the derivative counterparty fees, the advisor anticipates that any investment in the Diversifying Strategy through a derivative instrument will indirectly subject the Fund to aggregate management fees and performance-based incentive fees. Based on the fee structure of the Predecessor Fund (defined below) for the 12 months ended June 30, 2021, the aggregate weighted average management fee, including fees to the counterparty, and the weighted average incentive performance fee associated with the Diversifying Strategy were approximately 1.57% of the Diversifying Strategy's notional exposure and 20.71% of the Diversifying Strategy's trading profits, respectively. Incentive/performance fees cannot be meaningfully estimated but generally range from 15% to 30% of the trading profits of the Diversifying Strategy.
² The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, fees and costs associated with derivatives, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses (such as litigation expenses)) do not exceed 0.75%, 0.65%, and 1.75% of the average daily net assets of Class I, Class K and Class C shares of the Fund, respectively. This agreement is effective until October13, 2023, and it may be terminated before that date only by the Trust’s Board of Trustees. The advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made by the advisor to the Fund for a period ending three years after the date of the waiver or payment. Such reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. Reimbursements of fees waived or payments made will be made on a “first in, first out” basis so that the oldest fees waived or payments are satisfied first.
Fund Returns — through last quarter end (09/30/2021)
QTD
YTD
1-Year
3-Year
Since Inception (7/1/18)
FORTX: Class I
0.58
%
6.78
%
18.77
%
29.11
%
30.66
%
FORKX: Class K
0.61
%
6.86
%
18.91
%
29.57
%
31.14
%
70/30 Blended Index³
3.56
%
11.05
%
24.94
%
48.85
%
44.90
%
MSCI ACWI Index⁴
5.10
%
16.79
%
37.28
%
62.12
%
56.38
%
U.S. Aggregate Bond Index⁵
0.05
%
-1.55
%
-0.90
%
5.36
%
4.94
%
QTD
FORTX: Class I
0.58
%
FORKX: Class K
0.61
%
70/30 Blended Index³
3.56
%
MSCI ACWI Index⁴
5.10
%
U.S. Aggregate Bond Index⁵
0.05
%
YTD
FORTX: Class I
6.78
%
FORKX: Class K
6.86
%
70/30 Blended Index³
11.05
%
MSCI ACWI Index⁴
16.79
%
U.S. Aggregate Bond Index⁵
-1.55
%
1-Year
FORTX: Class I
18.77
%
FORKX: Class K
18.91
%
70/30 Blended Index³
24.94
%
MSCI ACWI Index⁴
37.28
%
U.S. Aggregate Bond Index⁵
-0.90
%
3-Year
FORTX: Class I
29.11
%
FORKX: Class K
29.57
%
70/30 Blended Index³
48.85
%
MSCI ACWI Index⁴
62.12
%
U.S. Aggregate Bond Index⁵
5.36
%
Since Inception
FORTX: Class I
30.66
%
FORKX: Class K
31.14
%
70/30 Blended Index³
44.90
%
MSCI ACWI Index⁴
56.38
%
U.S. Aggregate Bond Index⁵
4.94
%
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
Performance data quoted represents past performance and is no guarantee of future results. Returns are based on total return, which assumes reinvestment of dividends and distributions. Investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Performance data current to the most recent month’s end can be found by calling 806-323-8000 or by visiting this current website page, www.abrahamtrading.com/performance. Returns over one year are annualized.
Performance between 7/1/2018 and 10/13/2021 is from the Abraham Fortress Fund, LP, a Delaware Limited Partnership (the “Predecessor Fund”). Performance beginning on 10/14/2021 is for the Abraham Fortress Fund, an SEC-registered open-end mutual fund (the “Fund”). The Fund’s objectives, policies, guidelines, and restrictions are materially equivalent to those of the Predecessor Fund. The Fortress Fund, LP performance reflects proprietary performance from 7/1/2018 through 4/30/21, when Salem Abraham’s proprietary investments represented over half of the fund’s assets. Italics indicates a performance estimate. ³70/30 Portfolio uses 70% MSCI ACWI Index and 30% US Aggregate Bond Index, and its statistics used in the tables above reflect no deductions for fees, expenses, or taxes. ⁴MSCI ACWI is MSCI’s global stock index, and its statistics used in the tables above reflect no deductions for fees, expenses, or taxes. ⁵ US Aggregate Bond Index is the Barclays US Aggregate Bond Index, a broad-based flagship benchmark that measures the investment grade USD-denominated fixed-rate taxable bond market, and its statistics used in the tables above reflect no deductions for fees, expenses, or taxes.
Fortress Monthly and Annual Returns (Predecessor Fund and New Fund) for Class K Shares
Year
Total
2018
6.40
%
2019
8.23
%
2020
11.20
%
2021
12.30
%
Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD
2018
1.20
-
%
2.30
%
-
1.10
%
-
1.20
%
-
3.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
6.40
%
-
2019
1.20
-
%
2.30
%
-
1.10
%
-
1.20
%
-
3.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
8.23
%
-
2020
1.20
-
%
2.30
%
-
1.10
%
-
1.20
%
-
3.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
11.20
%
-
2021
1.20
-
%
2.30
%
-
1.10
%
-
1.20
%
-
3.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
2.40
%
-
%
-
%
-
%
-
12.30
%
-
Year
Total
2021
7.70
%
2020
13.40
%
2019
8.76
%
2018
-2.30
%
Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD
2021
-3.50
%
1.57
%
2.00
%
3.79
%
1.80
%
0.54
%
2.00
%
0.52
%
-1.88
%
1.90
%
-1.08
%
%
7.70
%
2020
2.40
%
-1.91
%
-1.20
%
5.24
%
1.77
%
-0.79
%
1.62
%
0.72
%
-1.88
%
-1.96
%
6.06
%
2.98
%
13.40
%
2019
1.72
%
-0.44
%
-0.01
%
2.06
%
-4.98
%
3.68
%
2.58
%
-2.11
%
2.16
%
0.52
%
2.68
%
0.89
%
8.76
%
2018
%
%
%
%
%
%
-0.05
%
3.83
%
2.10
%
-4.44
%
-0.17
%
-3.34
%
-2.30
%
Documents
Statement of Additional Information
Class K Shares Fact Sheet
Class I Shares Fact Sheet
Investor Forms
Entity Investor Form
IRA Investor Form
Individual Investor Form
Press Releases
For assistance completing investor forms or redeeming shares, please contact Shareholder Services at 844-323-8200.

Shares of the Fund are only offered by current prospectus and are intended solely for persons to whom shares of the US registered funds may be sold. The site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the Fund in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

Questions for Abraham Trading? Call 806-323-8000 or email info@abrahamtrading.com.
Risks of Investing & Important Disclaimers. (Please read the following disclosures carefully).

PLEASE READ THE FOLLOWING DISCLOSURES CAREFULLY. THIS AND OTHER INFORMATION IS IN THE PROSPECTUS, A COPY OF WHICH MAY BE OBTAINED HERE OR FROM ABRAHAM TRADING COMPANY BY CALLING 806-323-8000 OR EMAILING INFO@ABRAHAMTRADING.COM. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST.

There is no guarantee that any investment will achieve its goals and generate profits or avoid losses. Investors should carefully consider investment objectives, risks, charges, and expenses of the investment company and the Abraham Fortress Fund before investing. Diversification does not assure a profit nor protect against loss in a declining market.

Mutual fund investing involves risk; principal loss is possible. Investments in debt securities involve credit risk and typically decrease in value when interest rates rise. Investments in lower rated and non rated securities involve greater risk. Investments in foreign securities involve political, economic, and currency risks, greater volatility, and differences in accounting methods. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The Fund may use leverage which may cause the effect of an increase or decrease in the value of the portfolio securities to be magnified and the Fund to be more volatile than if leverage was not used. The Fund invests in small and mid-cap companies, which involve additional risks such as limited liability and greater volatility than large-cap companies. Investments related to gold are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. The price of gold may fluctuate sharply over short periods of time, even during periods of rising prices. Full descriptions of risk factors can be found in the fund’s prospectus at this link.

Shares of the Fund are only offered by current prospectus and are intended solely for persons to whom shares of the US registered funds may be sold. The site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the Fund in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The SEC and the Commodity Futures Trading Commission have not approved or disapproved these securities or passed upon the accuracy or adequacy of this information. Any representation to the contrary is a criminal offense. There can be no assurance that the Fund will achieve its investment objectives.

The Abraham Fortress Fund is distributed by IMST Distributors, LLC, a FINRA/SIPC member. Abraham Trading, LP, is not affiliated with IMST Distributors, LLC. The information presented in these materials is for general information purposes only and does not constitute an offer, subscription, recommendation, or solicitation to invest in either the Abraham Fortress Fund, LP (“Predecessor Fund”) or the Abraham Fortress Fund mutual fund (the “Fund”). The information in this document should not be relied upon independent of the Abraham Fortress Fund prospectus, which has important information regarding the Fund. While the information given is believed to be complete and accurate, we cannot guarantee their completeness or accuracy. As a term and condition of your use of this report, you expressly hold harmless and waive any claim you have or may have as a result of any of the information and statistics in this report provided by third parties being incomplete or inaccurate. The information may not in all cases be current, and it is subject to continuous change. Accordingly, you should not rely on any of the information contained in these materials as authoritative or a substitute for the exercise of your own skill and judgment in making any investment or other decision.

Before you decide to invest in the Fund, carefully consider these risk factors (described in the prospectus at this link), which may cause investors to lose money:

Government-sponsored entities risk
Foreign sovereign risk
Interest rate risk
Market risk
Equity risk
Fixed income securities risk
Indirect fees and expenses risk
Tax risk
Leveraging risk
Derivatives risk
Cybersecurity risk
Limited operating history
Asset segregation risk
Subsidiary risk
Recent market events
Currency risk
ETF risk
Gold risk
Government-sponsored entities risk
The Abraham Fortress Fund is distributed by IMST Distributors, LLC, a FINRA/SIPC member. Abraham Trading, LP, is not affiliated with IMST Distributors, LLC. The information presented in these materials is for general information purposes only and does not constitute an offer, subscription, recommendation, or solicitation to invest in either the Abraham Fortress Fund, LP (“Predecessor Fund”) or the Abraham Fortress Fund mutual fund (the “Fund”). The information in this document should not be relied upon independent of the Abraham Fortress Fund prospectus, which has important information regarding the Fund. While the information given is believed to be complete and accurate, we cannot guarantee their completeness or accuracy. As a term and condition of your use of this report, you expressly hold harmless and waive any claim you have or may have as a result of any of the information and statistics in this report provided by third parties being incomplete or inaccurate. The information may not in all cases be current, and it is subject to continuous change. Accordingly, you should not rely on any of the information contained in these materials as authoritative or a substitute for the exercise of your own skill and judgment in making any investment or other decision.

Year-to-Date Performance Comparison for Class K Shares (see benchmark descriptions below)¹ for Class K Shares

Inception-to-Date Performance Comparison of $1,000 for Class K Shares (see benchmark descriptions below)¹

* This chart illustrates the performance of a hypothetical $1,000 investment made in the Fund as of July 1, 2018. It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance

Inception-to-Date Drawdown Comparison (peak-to-trough decline, see benchmark descriptions below) for Class K Shares¹

¹Performance between 7/1/2018 and 10/13/2021 is from the Abraham Fortress Fund, LP, a Delaware Limited Partnership (the “Predecessor Fund”). Performance beginning on 10/14/2021 is for the Abraham Fortress Fund, an SEC-registered open-end mutual fund (the “Fund”). The Fund’s objectives, policies, guidelines, and restrictions are materially equivalent to those of the Predecessor Fund. The Fortress Fund, LP performance reflects proprietary performance from 7/1/2018 through 4/30/21, when Salem Abraham’s proprietary investments represented over half of the fund’s assets.

Italics indicates a performance estimate. ² The Fortress Strategy includes performance from the Abraham Fortress Fund, LP, a Delaware Limited Partnership (the “Predecessor Fund”), and the Abraham Fortress Fund, an SEC-registered open-end mutual fund (the “Fund”). The Fund’s objectives, policies, guidelines, and restrictions are materially equivalent to those of the Predecessor Fund. ³ 70/30 Portfolio uses 70% MSCI ACWI Index and 30% US Aggregate Bond Index, and its statistics used in the tables above reflect no deductions for fees, expenses, or taxes. ⁴ MSCI ACWI is MSCI’s global stock index, and its statistics used in the tables above reflect no deductions for fees, expenses, or taxes. ⁵ US Aggregate Bond Index is the Barclays US Aggregate Bond Index, and its statistics used in the tables above reflect no deductions for fees, expenses, or taxes.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses unless otherwise noted.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

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